Bitcoin (BTC) Trades In Tight Range After Recording Double-Digit Gains In February

Yesterday, the price of BTC fell from the $3,900 high. It was able to go up to this level after it reached the $3,650 lows and recovered quickly against the USD on Wednesday. It closed around $3,897 but didn’t open the doors for a bullish move all the way to $4,190. There are signs that the bulls are ready to come into the market again and may stay for a longer duration this time.

Bitcoin (BTC) Price Prediction

Yesterday, the flagship cryptocurrency, Bitcoin (BTC) moved as high as $3,897. There were strength and a V-shaped recovery from the Wednesday lows of $3,650. Unfortunately, the bulls were unable to hold the prices above this level or push it further as the price started correcting lower hitting $3,791 at the end of the trading session. The trading range is becoming tighter between $3,650 and $3,900. The bulls may prevail if the price is able to find its way above $3,900.

Bitcoin (BTC) Price Today – BTC / USD

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There was a reduction in demand on Wednesday that reinforced the breakout of the bullish triangle that was created on the 19th of February. There hasn’t been enough bullish pressure to take the price back to yesterday’s high of $3,897.

At the time of writing, BTC was trading at $3,861.03. This shows that it is down by 0.16% against the USD with a trading volume of $7,782,562,523 and a market capitalization of $67,825,310,965. The price analysis from CoinDesk shows that BTC achieved double digit gains last month.

Yesterday, there was a candlestick pattern on the price which established that $3,897 is the resistance the bulls must cross short-term. If the price is to cross this level, buyers will flood into the market. This will give the cryptocurrency a bullish momentum that will push the price all the way up to last weeks high of $4,190. If the bears drag the price below $3,658, there might be selling pressure that will take BTC all the way to $3,400. The trend has bullish signals so it’s unlikely that the price will go below $3,400.

What do you think, will the bulls be able to gather enough momentum to drive the price above $4,190 this weekend? Share your thoughts in the comment section.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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